Arabtec Chief Executive Ismaik Almost Doubles His Holding to 8%

Sept. 5 (Bloomberg) -- Hasan Abdullah Ismaik, chief
executive officer of Arabtec Holding Co., almost doubled his
stake in the Dubai-based building company to about 8 percent.

Ismaik’s holding appeared on a list of shareholders
published on the Dubai exchange’s website. The CEO previously
owed about 4.5 percent of the stock, according to a spokeswoman
who asked not to be identified, citing company policy. Arabtec
is the United Arab Emirates’ largest construction company.

“I am extremely confident in Arabtec’s strategy and the
new board of directors,” Ismaik said in a statement today.

Arabtec has lagged behind Dubai’s main index, gaining 16
percent this year compared with 44 percent for the Dubai
Financial Market General Index.